Shikhar Insurance AGM on June 20 to endorse 20% bonus share

ShareSansar, May 29:

Shikhar Insurance Company Limited is going to hold its ninth Annual General Meeting on June 20.

Publishing a notice today, the non-life insurer has stated the AGM is scheduled to endorse 20 percent bonus shares to the shareholders from the net profit the company posted in the last fiscal year 2069/70.

It has also set aside Rs 18.42 lakh as cash dividend to cover the tax on bonus shares.

It may be noted that back in March, a highly placed source at Shikhar Insurance had told ShareSansar that they were also planning to distribute around 20 percent bonus shares for the last fiscal year.

The AGM will also endorse a special proposal to amend the necessary documents as well as to give authority to the company management to shore up capital of the company.

Appointment of four directors from among class A of the promoters and two directors from class B of the promoters is also on the agenda.

It may be noted that Shikhar Insurance had announced book closure from April 2 for the 2:1 right shares it announced during its last Annual General Meeting for the fiscal year 2068/69.

Those who hold the shares of the company up to April 1 will be entitled to the right shares, according to a notice issued by Shikhar Insurnace today.

The company’s EPS stands at 52 as of the second quarter of the current fiscal year while its P/E ratio is 22.

Shikhar Insurance posted a profit growth of whopping 1605.43 percent in the fiscal year 2068/69 and had went on to offer 40 percent bonus shares.

The company had made a profit of Rs 9.40 crore as compared to Rs 55.15 lakh earned in the previous fiscal.

Though the income from insurance premium increased a mere 6.57 percent to Rs 92.29 crore, over all income grew 45.26 percent to Rs 15.86 crore.